Galaxy Digital CEO Says US Deficit, Debt Keep Him Bullish on Bitcoin

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Michael Novogratz, chief executive officer of Galaxy Digital, said he remains bullish on Bitcoin because of the US government's persistent fiscal deficit and rising debt.

U.Today reported on August 13 that Novogratz wrote on X, formerly Twitter, that the US fiscal situation is becoming increasingly worrisome. At some point, pressure from the bond market will leave the government with no choice but to restore fiscal discipline, he wrote.

Inflation across multiple sectors over the past decade has been directly correlated with the massive increase in debt, he said. Incumbents in both parties will feel the effects by the midterm elections.

Novogratz added that he remains optimistic on Bitcoin despite sluggish conditions in the digital-asset market this year because the government has failed to solve its addiction to spending.